*Corresponding Author 
 
 
 
 
 
 
REVIEW OF RESEARCH IN THE FIELD OF FINANCIAL 
AND NON-FINANCIAL REPORTING AND ITS 
CONNECTION 
 TO SUSTAINABLE DEVELOPMENT 
 
Ivana Martinčević*  
University North,  
Croatia 
ivana.martincevic@unin.hr  
Vesna Sesar  
University North,  
Croatia 
vesna.sesar@unin.hr  
Krešimir Buntak 
University North,  
Croatia 
kresimir.buntak@unin.hr 
 
 
Abstract 
 
The aim of this paper is: (1) to explore the theoretical background on financial 
and non–financial reporting, and sustainable development; (2) to research 
and review novelties that academic researchers have done in the field of 
financial and non-financial reporting; (3) to research and review novelties 
that academic researchers have done in the field of financial and non-
financial reporting and their links to sustainable development; and (4) to 
provide a review of the research literature in these areas. In our research, 
we have used the detailed analysis of literature review, using the Scopus 
database, to summarize past findings in a research field. By analysing the 
relevant scientific sources and based on the results of the research, it can 
be concluded that there is lack of research in the area that connects financial 
and non-financial reporting to sustainable development and it needs further 
efforts and research. The intention and goal of this research was to make 
not only academic researchers but also managers in practice aware of the 
importance of financial and non-financial reporting in the function of 
sustainable development, as well as to make researchers and practitioners 
aware that there is insufficient research in this area. The obtained results 
can be used to expand the current scientific knowledge about the financial 
and non-financial reporting and its connection to sustainable development. 
 
Key Words 
 
Sustainable development; financial reporting; non-financial reporting; 
sustainable management; reporting regulations. 

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INTRODUCTION 
 
Globalization and internationalization of the market put great pressure on the 
business of the company, which is reflected in the economic development of 
the company and society as a whole. Corporate reporting, which includes 
financial and non-financial reporting, today is one of the prerequisites and 
foundations of effective business decision-making. Having accurate and 
quality information from mandatory and voluntary reporting is key to making 
business decisions and managing an organization. Access to information 
and data is greatly facilitated through corporate reporting (financial and non-
financial) in the function of sustainable growth and development because it 
enables timely decision-making, managing, and positioning of companies in 
the market. The basic premise of the functioning of the market and all its 
stakeholders is the availability of accurate and timely information, but there 
is still unequal access to information between its participants (both internal 
and external). Due to that, the problem of information asymmetry arises with 
the appearance of the problem of unfavourable choice and moral hazards, 
and privileged information. Quality and transparent corporate reporting 
(financial and non-financial) is a prerequisite for the efficient functioning of 
the capital market, which today ultimately leads to the cohesion of the 
elements of sustainable development. This paper aims to explore and show 
the importance of financial and non-financial reporting, and its connection 
with the sustainable growth and development of companies. 
For the purpose of researching and reviewing novelties in the field of 
financial and non-financial reporting, numerous world literature has been 
researched. In this research, papers within the Scopus database were used 
to gather information on the research topic, thus showing that the field of 
financial and non-financial reporting has been researched by a large number 
of authors but is still insufficient in the field of financial and non-financial 
reporting in the function of sustainable development. To demonstrate the 
results of research (and the scarcity of this research topic regarding the 
connection between financial and non-financial reporting, and sustainable 
development), the results of of a search of the Scopus database are 
presented, having led to 882 scientific papers dealing with financial and non-
financial reporting, and 285 papers dealing with financial and non-financial 
reporting and its connection to sustainable development. The number of 
papers investigating financial and non-financial reporting and its connection 
to sustainable development has increased substantially from 2018 to 2022, 
showing an understanding of the importance of the observed topic and the 
necessity of implementation and application in business. Most of the 
research papers were from Italy, the United States, and Spain, and most of 
them belong to the subject area of Business, Management and Accounting.  
 
 
THEORETICAL FRAMEWORK 
 
Financial and non-financial reporting 
 

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Financial and non-financial reporting is an important element of good and 
quality management of the organization. Responsibility for the quality 
management and leadership of the organization lies with the management 
in charge of performing basic managerial functions: planning, organizing, 
leading, and controlling. Inefficient organization and its inefficient 
management are limiting factors in the overall development of an 
organization, both nationally and internationally. On the other hand, the 
successful execution of the basic management functions by quality 
management achieves a high level of efficiency, which leads to attaining a 
competitive position in the market. Successful management implies efficient 
and effective execution of business operations and focused and transparent 
management of the organization. Being successful in the market means 
achieving a positive business result, generating a profit, and thus 
maintaining and improving the company's position in the market. The 
information needed for business decision-making is obtained from various 
sources, but we can say with certainty that the key, if not the most important, 
source of information for business decision-making is financial statements 
(financial reporting) as holders of accounting information. When it comes to 
company management, it is impossible to ignore accounting as a 
fundamental source of information (Žager et al., 2007).  
Financial reporting has existed for many years and over time has changed 
and evolved according to the needs of the market and its users, as it must 
always be in accordance with adopted accounting standards. Modern 
financial reporting is based on the so-called conceptual frameworks, the 
most famous of which are the FASB and the IASB. Unlike financial reporting 
non-financial reporting currently belongs to additional voluntary reporting 
(disclosure), which today is a good business practice regarding the 
publication of financial and non-financial information that is not covered by 
mandatory (legal) reporting, increasing business transparency and 
strengthening integrity, position, and reputation of companies in the market. 
Non-financial information reporting refers to the disclosure of all other 
information except financial information, and its development has advanced 
in recent years (Gulin et al., 2016). Non-financial reporting is a  process of 
preparing and publishing non-financial information on the efficient operation 
of companies in terms of social responsibility and the environment. Non-
financial reporting is becoming the interest of global and domestic 
researchers and includes business ethics, financial accounting, and strategic 
management (Turzo et al., 2022).  
The link between sustainability, and financial and non-financial reporting, 
with an emphasis on sustainability reporting, is provided by the Esteban-
Arrea and Garcia-Torea study (2022), which examines the current level and 
regulation of sustainability reporting by examining possible increases in 
sustainable transparency for all the stakeholders. European Union countries 
have adapted their legislation to include the EU Non-Financial Reporting 
Directives 2014/95 EU, i.e. the "Non-Financial Reporting Directive" (NFRD). 
The Non-Financial Reporting Directive prescribes only the minimum 
requirements for the publication of the non–financial reporting (NFI) and 
does not contribute to increasing the comparability of the non–financial 

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reports (Aureli et al., 2019; Borga et al., 2009; Pizzi et al., 2021), which 
suggests to public interest entities to publish non-financial reports on social 
and environmental aspects (Garcia-Torea et al., 2020). Research conducted 
by Saverio et al. (2015) investigate whether the corporate social 
responsibility (CSR) orientation of a firm affects its reporting incentives. 
Cosma et al. (2022) deal with non-financial reporting regulated by the EU 
Directive 2014/95, i.e. they want to examine and present the limitations of 
the Non-Financial Reporting Directive (NFRD) in achieving its essential 
purpose that refers to achieving sustainability and contribution (goals of the 
United Nations Agenda (UN) 2030). The first study, showing the effects of 
the NFR Directive’s reporting across multiple countries, was conducted by 
Ottenstein et al. (2022). They wanted to examine the effects of the EU 
Directive 2014/95 of Non-Financial Reporting on corporate sustainability 
reporting practices (with an emphasis on the availability and quality of 
information, and its comparability and credibility). Through regression 
analyses they show that the EU Directive 2014/95 affects the quantity and 
quality of sustainability reporting (Ottenstein et al., 2022). From 2018, EU 
Directive 2014/95 requires large companies (listed companies, banks, 
insurance companies, i.e. companies of public interest) to submit non-
financial reports, while small and medium-sized companies are not subject 
to this regulation. 
So far, non-financial reporting requirements have been regulated through 
a standard of voluntary reporting (e.g. the Global Reporting Initiative), which 
has shown in practice the incompatibility of data (Christensen et al., 2021). 
The causes of incompatibility may be related to the lack of standardization 
and the multitude of guidelines governing NFIs and the use of different NFI-
related standards (Van Wensen et al., 2011; Boiral, 2017). Zarzycka and 
Krasodomska (2022) in their research did regression analysis to examine 
different Key Performance Indicators (KPIs) and the way companies publish 
them in their non-financial reports. Results indicate that their comparison 
between different industries was difficult. It is through this research that the 
authors contribute to the understanding of the differences in the quality of 
the presentation of KPIs and the selection of published KPIs (Zarzycka and 
Krasodomska, 2022). To achieve comparability of information, it is crucial to 
achieve and implement reporting based on standards (for non–financial 
reporting), which would mean that standards require a mandatory 
requirement for all reporting participants and not only those of public interest 
(EFRAG, 2021). Financial indicators are not enough to develop and maintain 
a competitive position where non-financial indicators create great 
importance and a role. Hategan et al. (2021) through their research confirm 
that there is a positive correlation between non-financial reporting and 
financial performance, thus confirming that non-financial reporting affects 
financial performance. The challenge of non-financial reporting is also 
addressed by Beleneși et al. (2021), who confirm the existence of a 
statistically significant positive correlation of medium intensity between the 
index of publishing non-financial information and publishing a non-financial 
report. The combination of financial (legally regulated and mandatory for all 
market participants) and non-financial reporting and its application is visible 

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through practice and gives clear results which the management of the 
organization is based on. 
 
Sustainable development  
 
The concept of sustainable development originated and began to be 
mentioned in the 80s of the 20
th
 century, and the focus is on the connection 
between the development of society and environmental protection. Today, 
companies need to have an effective and, above all, clear framework on how 
to face the challenges that the market poses to them, i.e. how to move 
towards a sustainable society and achieve sustainable development. 
Orientation of sustainable and quality management ensures process 
optimization, minimizing resource consumption, and maximizing other 
benefits associated with the business processes of the organization. There 
is a wide range of tools, frameworks, principles, strategies, and processes 
on the market that create and guide the relationship and action towards the 
sustainability framework. The concept of sustainable management is based 
on the quality management of the organization and is aimed at preserving 
the sustainability of managed organizations (resources, processes, people). 
It is necessary to strengthen the comprehensiveness and credibility of 
sustainability reports through the involvement of stakeholders in the 
sustainability reporting process. The same can be achieved by strengthening 
internal and external management mechanisms, which is the responsibility 
of corporate managers (Habiba et al., 2022). Ensuring sustainability through 
all business processes and activities of the company leads to long-term 
success and competitiveness, and contributes to the image and reputation 
of the company.  
The concept of sustainable development was first mentioned in 1987. 
where sustainable development is defined through three key factors: 1. 
economic (emphasis on ensuring one's economic development); 2. 
environmental (sustainability of future development and reduction of 
environmental pollution); and 3. social (ensuring proper cohesion in society). 
All three dimensions overlap and complement each other, and their joint 
action and respect ensure and achieve social cohesion and sustainability of 
the economic system. Respecting the concept of sustainable development 
and doing business sustainably requires companies to define strategies and 
create an economy that can regenerate and be sustainable. To ensure 
sustainable development in the company's business, numerous business 
transformations are necessary, from various digital to technological 
transformations, while respecting economic concepts, which are potential 
and possible solutions for sustainable development. Several opportunities or 
strategies contribute to sustainable development, namely green growth, the 
circular economy, and the bio-economy. All of the above are aimed at 
focusing on resource efficiency and encouraging low-pollution industries, as 
well as encouraging recycling and the circular flow of materials and energy 
(Beg et al., 2018; Beg, 2018).  
At the global level, it is necessary to awaken and develop an awareness 
of the need to accept the concept of sustainable development. The 

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application of the concept of sustainable development is crucial in achieving 
a balance between economic, social, and environmental requirements of a 
globalized market that is faced daily with unemployment, migration, climate 
change, poverty, etc.  Research done by Elif (2019) proves that social 
responsibility (connected to sustainable development) has a positive 
relationship with financial performance. Habiba and Mahbub (2019) believe 
that companies need to monitor sustainable behaviour to improve efficiency 
and reputation, in addition to increasing chances of market survival. The 
Environmental, Social and Governance (ESG) Guidelines are part of non-
financial reporting and help companies in the transparency of published 
data. A study conducted in Japan by Darnall et al. (2022) shows that 
companies that use ESG guidelines present 39% more sustainability data 
compared to companies that publish sustainability reports but do not follow 
the guidelines for ESG reporting (Darnall et al., 2022). Salehi and Arianpoor 
(2021) identify essential indicators necessary for business sustainability and 
reporting, and provide guidance for future performance evaluation and 
reporting decisions. Financial and non-financial reporting is one of the key 
factors contributing to sustainable development. It is necessary to fully 
implement the regulation (from the aspect of non-financial reporting) to 
achieve complete sustainability from the aspect of reporting in the function 
of sustainable development. 
 
 
METHODOLOGY 
 
For the purpose of researching and reviewing the field of financial and non-
financial reporting, numerous world literature has been researched. Papers 
within the Scopus, Web of Science, and Google Scholar databases were 
used to gather information on the research topic and its connection to 
sustainable development, which shows insufficient research in this area. In 
all three databases, very few papers were found to have investigated the 
financial and non-financial reporting in the function of sustainable 
development. Furthermore, papers within the Scopus database were used 
to gather information on the research area of financial and non-financial 
reporting in the function of sustainable development, and are presented in 
this paper. Many international researchers have dealt with and studied 
financial and non-financial reporting, but a small number connect it with 
sustainable development. Today, financial and non-financial reporting is the 
subject of numerous research and topics by numerous authors from various 
fields. Many studies dealing with this topic have shown that financial and 
non-financial reporting is in the function of transparent business and visibility 
of the organization, contributing to sustainable business and creating loyal 
and long-term relationships with business partners and the market. 
However, there is still lack of research that deals with financial and non-
financial reporting, especially research that connects financial and non-
financial reporting with sustainable business and development, which is 
evident from the review of the researched literature. To show research 
papers on this topic, we present here the results of Scopus database 

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searches that include the keywords “Financial reporting + Non–financial 
reporting + Sustainable development” searched in “Title, Abstract, and 
Keywords” of documents belonging to Scopus databases. A search of the 
Scopus database using the following approach (TITLE-ABS ((financial AND 
reporting)) AND ((non-financial AND reporting)) AND (sustainable AND 
development) AND (LIMIT-TO (LANGUAGE, "English") resulted in 285 
scientific papers.  
 
 
FINDINGS 
 
As mentioned, we searched the Scopus database to find data and studies 
that deal with financial and non-financial reporting in the function of 
sustainable development. The first research results show results on financial 
and non-financial reporting, while the second step of the research presents 
results on financial and non-financial reporting in the function of sustainable 
development. The first results are the results following the research 
approach (TITLE-ABS- financial AND reporting)) AND ((non-financial AND 
reporting), while the second step of the research presents results following 
the research approach (TITLE-ABS- financial AND reporting)) AND ((non-
financial AND reporting)) AND (sustainable AND development). The 
presented researched results are grouped into several areas according to: 
(1) documents by type; (2) documents by subject area; (3) documents by 
year; (4) documents by country/territory; (5) documents per year by source; 
and (6) documents by author.  
The first research results present an investigation of financial and non-
financial reporting. This step resulted in 882 papers (articles (807), reviews 
(47), and Conference papers (28) (Figure 1).  
 
Figure 1. Documents by type investigating financial and non-financial 
reporting in the Scopus database (1993-April 2022) 
 
Source: Own survey. 

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The research area of the research topic presents the period from 1993 to 
April 2022, and includes various subject areas (Figure 2). Figure 2 presents 
the documents by subject area exploring the financial and non-financial 
reporting in the period between 1993 and April 2022 in Scopus. Most of the 
papers belong to the subject area of Business, Management and 
Accounting, Economics, Econometrics and Finance, Social Sciences, 
Environmental Science, Energy, Decision Sciences, Engineering, Medicine, 
Arts and Humanities, and Computer Science. Other areas have fewer than 
10 papers (only 2%) regarding financial and non–financial reporting.  
 
Figure 2. Documents by subject area investigating financial and non-
financial reporting in the Scopus database (1993-April 2022) 
 
Source: Own survey. 
 
The number of papers that investigate financial and non-financial 
reporting has increased substantially in 2021 (143 papers). A growing trend 
is noticeable from 2015 (46 papers), 2016 (38 papers), 2017 (61 papers), 
2018 (80 papers), 2019 (77 papers), 2020 (131 papers), 2021 (143 papers), 
and April 2022 (72 papers) (Figure 3). 
 
Figure 3. Number of papers investigating financial and non-financial 
reporting in the Scopus database (1993-April 2022) 
 
 
Source: Own survey. 

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Most of the research papers were from the United States (211 papers per 
country), Italy (103 papers per country), the United Kingdom (88 papers per 
country), Australia (82 papers per country), Germany (52 papers per 
country), Canada (48 papers per country), Spain (46 papers per country), 
China (41 papers per country), France (34 papers per country), and Malaysia 
(23 papers per country). Other countries that are exploring research areas 
have fewer than 20 papers per county (Figure 4). 
 
Figure 4. Country of origin of the authors investigating financial and non-
financial reporting in the Scopus database (1993-April 2022) 
 
Source: Own survey. 
 
Figure 5 presents the journals that published the papers investigating 
financial and non-financial reporting in the period between 1993 and April 
2022 in Scopus. As seen in Figure 5, the growing trend with a larger number 
of papers started in 2008 and has had an increasing trend since 2018. The 
largest number of papers were published in Sustainability Switzerland (48 
papers), Journal of Applied Accounting Research (25 papers), Business 
Strategy and the Environment (21 papers), Meditari Accountancy Research 
(19), and Sustainability Accounting Management and Policy Journal (18 
papers). Other journals have published fifteen or fewer papers regarding the 
research topic. 
 
Figure 5. The journals that published the papers investigating financial and 
non-financial reporting in the Scopus database (1993–April 2022) 
 
Source: Own survey. 

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Regarding authors who deal the most with the research topic are Cormier, 
D. (11 papers), Raimo, N. (8 papers), Vitolla, F. (8 papers), Aki, E.A. (7 
papers), Tsang, A. (7 papers), García-Sánchez, I.M., Guyatt, G., Hakoum, 
M.B., Magnan, M., and Velte, P. (each author has 6 papers). Other authors 
have fewer than 5 papers that explore financial and non-financial reporting 
(Figure 6). 
 
Figure 6. Documents by the author investigating financial and non-financial 
reporting in the Scopus database (1993–April 2022) 
 
Source: Own survey. 
 
The second step of the research presents an investigation of financial and 
non-financial reporting and its connection to sustainable development. This 
step resulted in 285 papers (articles (258), reviews (16), and Conference 
papers (11) (Figure 7). Through this research, the lack of investigation 
regarding the connection between financial and non-financial reporting and 
sustainable development is evident. The first paper that puts reporting 
(financial and non–financial) in relation to sustainable development was 
published in 1998, so the period of this research is from 1998 to April 2022. 
As in the first step of the research, most papers are articles (regarding the 
first step it was 882 articles, in the second step of research: 285 articles).  
 
Figure 7. Documents by type investigating financial and non-financial 
reporting and its connection to sustainable development in the Scopus 
database (1998-April 2022) 
 
Source: Own survey. 

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The research area of the research that explores financial and non-
financial reporting and its connection to sustainable development regards 
the period from 1989 to April 2022, and includes various subject areas 
(Figure 8). Figure 8 presents the documents by subject area exploring the 
financial and non-financial reporting and its connection to sustainable 
development in the period from 1998 to April 2022 in the Scopus database. 
Most of the papers belong to the subject area of Business, Management and 
Accounting, Social Sciences, Environmental Science, Economics, 
Econometrics and Finance, Energy, Engineering, Decision Sciences, 
Computer Science, and Arts and Humanities. Other areas have fewer than 
10 papers regarding financial and non-financial reporting and its connection 
to sustainable development. Linked to the data of the first step of research, 
and the area that deals with and explores financial and non-financial 
reporting and its connection to sustainable development is yet again the area 
Business, Management, and Accounting, just as in the first step of the 
research results.  
 
Figure 8. Documents by subject area exploring the financial and non-
financial reporting and its connection to sustainable development in the 
Scopus database (1998-April 2022) 
 
Source: Own survey. 
 
The number of papers that investigate financial and non-financial 
reporting and its connection to sustainable development has again increased 
substantially in 2021 (63 papers). A growing trend is noticeable in 2018 (30 
papers), 2019 (26 papers), 2020 (62 papers), 2021 (63 papers), and April 
2022 (40 papers) (Figure 9). 
 
 
 
 

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Figure 9. Number of papers investigating financial and non-financial 
reporting and its connection to sustainable development in the Scopus 
database (1998-April 2022) 
 
Source: Own survey. 
 
Most of the research papers were from Italy (59), the United States (31 
papers per country), Spain (30 papers per country), the United Kingdom (28 
papers per country), Germany (26 papers per country), Australia (17 papers 
per country), Romania (15 papers per county), China (12 papers per 
country), Poland (11 papers per country), and France (10 papers per 
country). Other countries that explore research areas have fewer than 10 
papers per country (Figure 10). 
 
Figure 10. Country of origin of the authors investigating financial and non-
financial reporting and its connection to sustainable development in the 
Scopus database (1998-April 2022) 
 
Source: Own survey. 
 
Figure 11 presents the journals that published the papers investigating 
financial and non-financial reporting and its connection to sustainable 

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development in the period from 1998 to April 2022 in Scopus. As seen in 
Figure 11, the growing trend of papers started in 2008, having increased 
since 2020, when 14 documents regarding financial and non-financial 
reporting and its connection to sustainable development were published in 
2020 in the journal Sustainability Switzerland. The largest number of papers 
were published in Sustainability Switzerland (36 papers), Business Strategy 
and the Environment (16 papers), Corporate Social Responsibility and 
Environmental Management (12), Journal of Applied Accounting Research 
(12 papers), and Sustainability Accounting Management and Policy Journal 
(11 papers). Other journals have published ten or fewer papers on the 
research topic. Linked to the data of the first step of research, the journal 
that deals with and explores financial and non-financial reporting and its 
connection to sustainable development, is yet again Sustainability 
Switzerland, just as in the first step of the research results. 
 
Figure 11. The journals that published the papers investigating financial and 
non-financial reporting and its connection to sustainable development in the 
Scopus database (1998–April 2022) 
 
Source: Own survey. 
 
Regarding authors who deal the most with the research topic and explore 
financial and non-financial reporting and its connection to sustainable 
development are García-Sánchez, I.M (6 papers), Caputo, F., Hahn, R., 
Leopizzi, R., Pizzi, S., Reimsbach, D., Velte, P., and Venturelli, A. (each 
author has 5 papers). In addition, Akisik, O., and Gal, G. eachhave 4 papers. 
Other authors have fewer than 4 papers that explore financial and non-
financial reporting and its connection to sustainable development (Figure 
12). The author who researches financial and non-financial reporting, also 
connecting it with sustainable development is García-Sánchez, I.M, who also 
appears in the first step of the research.  
 
 
 
 

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Figure 12. Documents by the authors investigating financial and non-
financial reporting and its connection to sustainable development in the 
Scopus database (1998–April 2022) 
 
Source: Own survey. 
 
The presented research results are divided into two parts. The first part 
of the research presents data related to financial and non-financial research, 
and the interest of researchers in this field in the period between 1993 and 
April 2022, when the first research covering this topic appeared. The second 
part of the research presents data that combines financial and non-financial 
reporting with sustainable development in the period from 1998 to April 2022, 
when the first document linked to this topic appeared. It is evident that a large 
number of researchers are engaged in financial and non-financial research, 
but not enough researchers recognize the importance of financial and non-
financial reporting for the sustainable development of the organization, as 
shown by insufficient data and an insufficient focus in this direction. 
 
 
DISCUSSION AND IMPLICATIONS 
 
This paper presents the theoretical concepts and importance of financial 
reporting, non-financial reporting, and sustainable development. We can say 
with certainty that there is a strong connection between the process of 
financial and non-financial reporting and sustainable development, i.e. 
quality and transparent reporting contributes to the sustainable development 
of the organization, although the area is still insufficiently explored. The 
paper presents an analysis of data from the Scopus database and shows 
the trend from 1993 to April 2022 related to financial and non-financial 
reporting, and the trend from 1998 to April 2022 related to the relationship of 
financial and non-financial reporting with sustainable development (the 
analysed years were taken into account as the beginning of the research in 
the mentioned area). The presented data show that the intensive growth and 
interest in research on this topic began in 2018, both for research on the 
process of financial and non-financial research and the research that links it 
with sustainable development. From the aspect of financial and non-financial 

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reporting research, the top three countries that explore the research topic 
the most are (1) the United States, (2) Italy, and (3) the United Kingdom. The 
top three journals that publish the most on research topics are (1) 
Sustainability Switzerland, (2) Journal of Applied Accounting Research, and 
(3) Business Strategy and the Environment, while the top three authors are 
(1) Cormier, D., (2) Raimo, N., and (3) Vitolla, F. 
The top three countries that in their research link financial and non-
financial reporting to sustainable development are (1) Italy, (2) the United 
States, and (3) Spain. The top three journals that have published the link 
between financial and non-financial reporting with sustainable development 
are (1) Sustainability Switzerland, (2) Business Strategy and the 
Environment, and (3) Corporate Social Responsibility, while the top three 
authors are (3) García-Sánchez, I.M., (2) Caputo, F., and (3) Hahn, R. What 
we can conclude from the review of the presented research data is that the 
same countries (the United States and Italy) and the same journals 
(Sustainability Switzerland, and Business Strategy and the Environment) 
appear in both areas of the presented research data, while the authors 
studying this topic do not overlap in the first and second step of research. 
One group of authors studies financial and non–financial reporting, and the 
other group of authors studies financial and non–financial reporting and its 
connection to sustainable development. The only author who studies both 
areas but is not among the top three authors in the area of financial and non–
financial reporting is García-Sánchez, I.M.  
Based on the data presented in both areas of our research, the Republic 
of Croatia and its neighboring countries (Slovenia, Bosnia and Herzegovina, 
Serbia, and Montenegro) do not appear as countries that study and explore 
this topic. The topic of our research through this paper and the review of the 
analyzed data is the basis for expanding the same research and an even 
deeper analysis and the link between financial and non-financial reporting 
with sustainable development. Databases other than Scopus were not 
compared in this paper, which is a recommendation for further research in 
this direction and consolidation of data from other databases, their analysis 
and connection. This area of research needs more empirical evidence, 
theoretical and quantitative evidence, and is an area for much further 
research. 
 
 
CONCLUSION 
 
This study was designed to survey articles on financial and non-financial 
reporting and its connection to sustainable development in peer-reviewed 
journals listed in the Scopus database. The research in question comprised 
of a range of a total of 1.167 papers (882 of them regarding financial and 
non–financial reporting, and 285 of them regarding financial and non–
financial reporting and its connection to sustainable development) published 
over a period of 29 years (from 1993 to 2022). This mapping considered a 
literature overview and had scope to review the current state and efforts of 
researchers in this area. The findings of this research indicate that the impact 

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of financal and non-financial reporting in the function of sustainable 
developmnet is on the verge of disrupting current corporative reporting and 
will have an effect on corporate reporting. This is the research area that 
needs more empirical evidence, theoretical and quantitative evidence, but 
also presents baseline for future research. This research contributes to 
strengthening the awareness among researchers and practitioners about  
review of important areas of research topics (documents by type, documents 
by subject area, documents by year, documents by country/territory, 
documents per year by source, documents by author) regarding financial 
and non–financial reporting and its connection to sustainable development. 
Most of the papers analysed gave a theoretical point of view on the analysed 
problem, which points to the need for even greater efforts and research in 
this area. The main question for researchers and managers remains how to 
integrate, compare and manage both financial and non–financial reporting in 
the function of sustainable development. In such a context, organizations will 
have to adapt non–financial reporting with current financial reporting as an 
obligation in order to gain competitive advantage on the market, and to 
ensure transparent, comparable, accurate and reliable information 
necessary for company management. This can achieve the maximum effect 
based on their interaction and can lead to company-sustainable 
development. Non-financial reporting has developed into reporting that 
presents a challenge to any company, primarily due to differences in 
managerial views on the usefulness of conducting such business practices. 
The goal in the future is to achieve harmonization at the level of non-financial 
reporting (as is the case with financial reporting) in order for non-financial 
reporting to fulfil its purpose. 
Moreover, even though one of the most reputable scientific databases 
(Scopus) was  consulted, there may have been relevant studies and papers 
that were not indexed in the abovementioned database, which would have 
otherwise enriched the study. This research gives a brief overview of a 
researched field that is actually insufficiently explored through the scientific 
literature, and presents a wide area for further researchers. 
In conclusion, economic development and growth, as well as the 
globalization and internationalization of society and markets, cannot be 
stopped, however it is necessary to think in the direction of ensuring a 
healthy society and a quality economy that will have less harmful effects on 
the environment. Therefore, sustainable development is undoubtedly one of 
the key elements in formulating and implementing development policies in 
the world. A quality and transparent reporting process (financial and non-
financial) contributes to sustainable development. The business policy of the 
company today should be directed towards the system of sustainable 
development and balance of company management through the cooperation 
of a dynamic business and economic activities of the system, and in 
cooperation with the essential information and data provided by the reporting 
process (financial and non-financial). 
 
 

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